Bitcoin, Ethereum Technical Analysis: ETH Down, as Two-Day Winning Streak Ends on Hump Day

Bitcoin, Ethereum Technical Analysis: ETH Down, as Two-Day Winning Streak Ends on Hump Day

Bitcoin hit a hurdle on hump day, as the world’s largest crypto token moved lower, following strong gains to start the week. ETH also slipped during today’s session, with prices moving back towards the $1,000 mark. Bitcoin

Following two straight days of gains, BTC was lower on hump day, as bears seemingly re-entered the marketplace.

BTC/USD is down by nearly 3% as of writing, after hitting an intraday low of $20,045.63 earlier in today’s session.

This move comes after prices failed to sustain a breakout of yesterday’s resistance level at the $21,000 mark. BTC/USD – Daily Chart

Typically after such a false breakout, this acts as a signal to bears to retake momentum, however there seems to be a level of uncertainty still in this.

After previous lows today, BTC is now trading almost $500 higher, which shows that the bullish sentiment from the past two days still remains.

Despite this, bears will likely attempt to test this sentiment, and attempt to push bitcoin off the $20,000 cliff in coming days.

Ethereum

Ethereum was also a cliff of its own, as bears once again pushed prices close to the $1,000 level in today’s session.

Following a peak of $1,185.43 on Tuesday, ETH/USD slipped to a bottom of $1,073.88 on hump day.

This move put an end to ETH’s first two-day winning streak since June 5, and as of writing the token is trading roughly 4% lower. ETH/USD – Daily Chart

Thanks to gains in the past few days, ETH has gone from being down by nearly 40% in its seven-day average on Sunday, to now only being down 2.95% in the last week.

Overall, momentum still looks bearish for the world’s second largest token, with some expecting moves back towards $800.

However, should we see a breakout of the resistance on the 14-day RSI at 30, then there will likely be a continuation of this week’s bullish pressure. Tags in this story Analysis, BTC, ETH, Ethereum, Markets

Will we see ETH hit $800 or $1,200 first? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May MARKET UPDATES | 6 hours ago Biggest Movers: DOGE, SHIB Near 10-Day Highs, Following Recent Surges in Price MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNew Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory Next articleCoinLoan Teams up With Elliptic to Enhance Crypto Security for Users Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin